Over $19 million in seized crypto sold by Feds

Category: Americas Crypto

500 Bitcoins seized in 2018 by federal authorities were sold a record sum

Ohio feds took to crypto trading and sold $19.2 million worth of Bitcoin they seized off a 37-year-old man from Toledo, OH in 2018, who sold fake documents including ID cards and driver licenses. At the time of his arrest, the 500 Bitcoins stood at a collective price of $2.88 million.

It was not disclosed when and how the tokens were sold, but it marks the largest net forfeiture in the history of the Northern District of Ohio. The proceeds are split between federal agencies and local police departments involved in the investigation, as well as crime victim support funds and the US Treasury.

The previous owner of the digital money, Mark Alex Simon had been under investigation since 2008. In 2015, forged documents were traced to a website Simon built, leading up to a police raid in 2018, when his crypto assets were seized. He pleaded guilty in 2019 to the charges of conspiracy to launder money and the transfer of false identification documents. He was sentenced to two years in prison.

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